Term
|
Definition
A government sponsored account that allows employees to contribute a certain amount of their pre-taxed gross income to a designated account for the payment of certain medical, childcare, or parental care |
|
|
Term
|
Definition
A person reported on a tax payers income tax form that a tax payer supports financially |
|
|
Term
|
Definition
Exemptions include dependents as well the tax payer. This Information included on tax forms that lowers taxes. |
|
|
Term
|
Definition
A tax that is the same percentage or rate for everyone. |
|
|
Term
Flexible Spending Account (FSA) |
|
Definition
An employee sponsored special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money |
|
|
Term
|
Definition
A tax form used by people that have other types of income such as royalties, alimony, or prizes; also known as the long form. |
|
|
Term
|
Definition
A short form that taxpayers can use to report their earnings and pay their taxes. this form has certain requirements. |
|
|
Term
|
Definition
A form used to report other income made from interest on bank accounts, interest from stocks and royalties |
|
|
Term
|
Definition
A form used to report the withholding date given to employees to compute federal, state, and local taxes. Submitted with tax forms. |
|
|
Term
|
Definition
A form that is filled out by a new employee that gives directions to the government on how much money in taxes to deduct from the employee’s pay. |
|
|
Term
|
Definition
The total pay , which is the sum of an employee’s hourly pay and overtime pay |
|
|
Term
|
Definition
Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person. The Head of Household filing status has some important tax advantages over the Single filing status. |
|
|
Term
|
Definition
tax levied by a government directly on income, especially an annual tax on personal |
|
|
Term
|
Definition
When deductions are listed on an income tax form |
|
|
Term
|
Definition
Married people file together in order to realize more deductions |
|
|
Term
|
Definition
Tax that is taken out of your paycheck for Medicare. |
|
|
Term
|
Definition
Income that is used to calculate total deductions such as Social Security and Medicare |
|
|